One borrower received only HK$2,000 for a HK$4,000 loan that came with a HK$25,000 penalty if repayment was late by an hour. Photo: Bloomberg

Borrower who was hit with 72 per cent service charge on US$32,000 loan among victims of unscrupulous money lending practices in Hong Kong

  • Intermediary said a loan had been arranged but a service fee of HK$180,000 would be charged, leaving just HK$70,000 for the borrower
  • Hong Kong’s consumer watchdog releases study on borrowing with an analysis of more than 300 complaints against money lenders
Topic |   Consumer protection in Hong Kong

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One borrower received only HK$2,000 for a HK$4,000 loan that came with a HK$25,000 penalty if repayment was late by an hour. Photo: Bloomberg
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